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ICICI Lombard Expert Blog
 

New India Assurance to Launch Rs. 1 Crore Health Insurance Policy

December 02 2016
Rs. 1 Crore Health Insurance Policy

New India Assurance is planning to launch a health insurance scheme for individuals with high net worth. The policy, which aims at ` 1 crore as the sum insured, is awaiting the approval of Insurance Regulatory and Development Authority of India (IRDAI).

As per G. Srinivasan, chairman-cum-managing director at New India Assurance, the new product will have several new advanced features and the sum insured would be `1 crore. The policy will offer complete protection to the policyholders and their family members due to an untoward incidence.

The company has also made several changes to its Mediclaim 2012 by removing certain deficiencies. The modified policy is also awaiting IRDAI's approval and is expected to be rolled out in 3-4 months, said Srinivasan at the company's silver jubilee celebrations.

The company has performed well in the past and has set higher financial targets for this fiscal year as compared to the previous fiscal year. By October 30, the company saw an increment of 25% compared to the same period last year.

With a market share of around 17%, the company has issued more than 2.5 crore policies covering 35 crore people with a claim settlement rate of 96%. This initiative will push the envelope further and compel other players to offer policies with large sum insured in the future.

Also Read:

IRDAI Plans Data Security Standards for Insurers
Right to Privacy of Medical Information – A Giant Leap for Digital India

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